1. The launch of the new Z10 phone in the U.S. "was disappointing, with limited marketing and tepid sell-through at AT&T and Best Buy stores alike."

2. Goldman upgraded the stock a while ago because it thought the market was under estimating Blackberry's earnings. Now, Goldman thinks the consensus has caught up and there will be no upside surprise.

On the first point, Jankowski further explained there was no marketing at AT&T stores, the phones were in the far corner of the store, there was barely any advertising in the U.S., and "stores were receiving a range of 5-15 devices initially, but most sold less than 10 on opening day, and some as few as 2-3."